NERACA PT ANAK (FRANC SWISS)

Cash 1,600,000 A/P

A/R 3,200,000 Loan -short-term
Inventory 2,400,000 Loan -long term
Net plant and equipment 4,800,000 Common Stock
R/E
12,000,000

A/R = 1/4 sales

Inventory = 1/4 direct cost
Sales 1,000,000 unit
Price 12.8 Francs/unit
Depreciation 240,000
Tax (50%)
 800,000
1,600,000
1,600,000
1,800,000
6,200,000
12,000,000
Sales 1000000 12.8 12800000
Direct Cost 1000000 9.6 9600000
Cash expenses (fixed) 1200000
Depreciation 240000
Pretax profit 1760000
Incone tax 0.5 880000
Profit after tax 880000
Add back Depreciation 240000
Cash Folow from Operation, in francs 1120000

6.4 FF/per $
CF from operation in $ 175000

Case 1 8 FF/per $
Cash Folow from Operation, in francs 1120000
8 FF/per $
CF from operation in $ 140000 Year
1

CF from operation in $ 175000

CF from operation in $ 140000 2
Decrease in first year CF 35000 3
5 year decrease 5 175000 4
5
Year
1

2
3
4
5
Case 2: Volume double, FF8/$ , other variable constant

Sales 2000000 12.8 25600000

Direct Cost 2000000 9.6 19200000
Cash expenses (fixed) 1200000
Depreciation 240000
Pretax profit 4960000
Incone tax 0.5 2480000
Profit after tax 2480000
Add back Depreciation 240000
Cash Folow from Operation, in francs 2720000

8 FF/per $
CF from operation in $ 340000

Case 2
Projected CF Francs Dollar FF8/$
8 FF/$ Calculation

Cash Folow from Operation, in francs 2720000 A/R 0.25

Less new investment in working capital 5600000 Inv 0.25
-2880000 -360000
Cash Folow from operation 2720000 340000
Cash Folow from operation 2720000 340000
Cash Folow from operation 2720000 340000
Cash Folow from operation 2720000 340000
5600000 700000

Case 3: Sales price FF16/u; FF8/$ , other variable constant

Sales 1000000 16 16000000

Direct Cost 1000000 9.6 9600000
Cash expenses (fixed) 1200000
Depreciation 240000
Pretax profit 4960000
Incone tax 0.5 2480000
Profit after tax 2480000
Add back Depreciation 240000
Cash Folow from Operation, in francs 2720000

8 FF/per $
CF from operation in $ 340000
Case 2
Projected CF Francs Dollar FF8/$
8 FF/$

Cash Folow from Operation, in francs 2720000

Less new investment in working capital 800000 Calculation
1920000 240000
Cash Folow from operation 2720000 340000 A/R 0.25
Cash Folow from operation 2720000 340000 Inv 0.25
Cash Folow from operation 2720000 340000
Cash Folow from operation 2720000 340000
800000 100000
 Modal Kerja Baru Modal kerja lama Selisih
New Old Gap
25,600,000 6,400,000 3,200,000 3,200,000
19,200,000 4,800,000 2,400,000 2,400,000
5,600,000 Total
 New Old Gap
16000000 4000000 3200000 800000
9600000 2400000 2400000 0
800000 Total
INCOME STATEMENT PT ANAK
Sales 1,000,000 12.8 12,800,000 0.25
Direct Cost 1,000,000 9.6 9,600,000 0.25
Cash expenses (fixed) 1,200,000
Depreciation 240,000
Pretax profit 1,760,000
Incone tax 0.5 880,000
Profit after tax 880,000
Add back Depreciation 240,000
Cash Folow from Operation, in francs 1,120,000 Francs

6.4 Fr/per $
CF from operation in $ 175,000 dolar

Case 1 8 Fr/per $
Cash Folow from Operation, in francs 1,120,000
8 Fr/per $
CF from operation in $ 140,000 dolar

CF from operation in $ 175,000

CF from operation in $ 140,000
Decrease in first year CF 35,000
5 year decrease 5 175,000
3,200,000 Piutang sebesar 25% Penjualan
2,400,000 Persediaan sebesar 25% Biaya langsung
 Case 2: Volume double, Fr8/$ , other variable constant
Franc
Sales 2,000,000 12.8 25,600,000 0.25
Direct Cost 2,000,000 9.6 19,200,000 0.25

Cash expenses (fixed) 1,200,000

Depreciation 240,000
Pretax profit 4,960,000
Incone tax 0.5 2,480,000
Profit after tax 2,480,000
Add back Depreciation 240,000
Cash Folow from Operation, in francs 2,720,000 Franc

8 Fr/per $
CF from operation in $ 340,000 dolar

Case 2
Projected CF Francs Fr8/$
8 FF/$
Year
1 Cash Folow from Operation, in francs 2,720,000
Less new investment in working capital 5,600,000
(2,880,000) (360,000)
2 Cash Folow from operation 2,720,000 340,000
3 Cash Folow from operation 2,720,000 340,000
4 Cash Folow from operation 2,720,000 340,000
5 Cash Folow from operation 2,720,000 340,000
5,600,000 700,000
Total CF sebesar ($) 1,700,000 dolar
 Selisih
6,400,000 Piutang baru Piutang lama 3,200,000 3,200,000
4,800,000 PersediaaN BARU Persediaan lama 2,400,000 2,400,000
5,600,000
 Case 3: Sales price Fr16/u; Fr8/$ , other variable constant
Franc
Sales 1000000 16 16,000,000
Direct Cost 1000000 9.6 9,600,000
Cash expenses (fixed) 1,200,000
Depreciation 240,000
Pretax profit 4,960,000
Incone tax 0.5 2,480,000
Profit after tax 2,480,000
Add back Depreciation 240,000
Cash Folow from Operation, in francs 2,720,000

8 FF/per $
CF from operation in $ 340,000

Case 2
Projected CF Francs Dollar FF8/$
8 FF/$
Year
1 Cash Folow from Operation, in francs 2,720,000
Less new investment in working capital 800,000
1,920,000 240,000
2 Cash Folow from operation 2,720,000 340,000
3 Cash Folow from operation 2,720,000 340,000
4 Cash Folow from operation 2,720,000 340,000
5 Cash Folow from operation 2,720,000 340,000
800,000 100,000
1,700,000
dolar

Calculation MK Baru MK Lama Selisih

New Old Gap
A/R 0.25 16,000,000 4,000,000 3,200,000 800,000
Inv 0.25 9,600,000 2,400,000 2,400,000 -
800,000 Total
 Kasus 4
INCOME STATEMENT PT ANAK
Sales 1,500,000 15.36
Direct Cost 1,500,000 12.48
Cash expenses (fixed)
Depreciation
Pretax profit
Incone tax 0.5
Profit after tax
Add back Depreciation
Cash Folow from Operation, in francs

6.4 Fr/per $
CF from operation in $

Case 4 6 Fr/per $
Cash Folow from Operation, in francs
6 Fr/per $
Cash Folow from Operation, in dollar

Projected CF
6
Year Francs
1 Cash Folow from Operation, in franc 1,680,000
Less Working Capital 4,840,000
(3,160,000)
2 Cash Folow from operation 1,680,000
3 Cash Folow from operation 1,680,000
4 Cash Folow from operation 1,680,000
5 Cash Folow from operation 1,680,000
Recover new investment in working c 4,840,000
Total CF in the next 5 years ($)
Franc MK Baru MK Lama Selisih
23,040,000 23,040,000 0.25 5,760,000 3,200,000 2,560,000
18,720,000 18,720,000 0.25 4,680,000 2,400,000 2,280,000
1,200,000 Total 4,840,000
240,000
2,880,000
1,440,000
1,440,000
240,000
1,680,000 Franc

262,500

1,680,000

280,000

Dollar FF8/$
FF/$
dollar

(526,667)
280,000
280,000
280,000
280,000
806,667
1,400,000